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How to Check Your Credit Report

By U.S. News & World Report

Regularly checking your credit report is an essential part of maintaining your financial health. It gives you a chance to zero in on what debts you still owe and alerts you to signs of fraud or identify theft.

But the actual process of pulling your credit history isn’t totally straightforward. Here’s how to check your credit report.

[See: 12 Habits to Help You Take Control of Your Credit.]

Start in the right place. Head to annualcreditreport.com where you can pull three free credit reports each year, one from each of the three credit-reporting bureaus.

Before you pull your credit report, decide whether you want to view just one or all three at once. Consider pulling all three if this is your first time accessing your credit report, says Gerri Detweiler, head of market education for Nav, a credit service for business owners, based in San Mateo, California. That way, you can catch all errors before they do any further damage to your credit health. “The next year, if you want to start staggering them, I think that’s fine as long as you’re monitoring your credit scores with all three bureaus,” she says.

You can also request your report via phone or mail. While these methods might not be as user-friendly as the online system, they are available for those who want to use them.

[See: 12 Simple Ways to Raise Your Credit Score.]

Get your information together. You’re going to need some basic information on hand — or in your head — before you can access your credit history. The credit report site will ask you for personal details, including your name, birth date, Social Security number and address. You’ll select which credit bureau — Equifax, Experian or TransUnion — you’d like to provide your report.

Next, you’ll be asked to answer some verification questions to confirm your identity and deter would-be fraudsters. You may be asked to answer multiple-choice questions about previous employers, credit card debt and other personal loan information. These questions can be surprisingly tricky, and you may get tripped up. “If you have an older credit report that you can refer to, that can be a good resource,” Detweiler says. Don’t forget, she adds, that “none of the above” is often an option in these multiple-choice verification tests, and it may be the right answer.

If you fail this verification step, you may be directed to request your credit report through the mail.

Read the report. After accessing your credit report, print it, says Rod Griffin, director of public education for Experian. If you don’t have a printer handy, download the report, so that you have a digital copy on file.

While it may be 25 pages long, filled with numbers and unfamiliar names, don’t be intimidated by your credit report. “You don’t need any sort of special training to read a report,” Griffin says.

As you scroll through your credit history, you should see your personal information, including name, current and previous addresses and telephone number. The report will list previous and current debt, including student loans, credit card debt, mortgage debt, auto loans and more.

Scroll through to see a list of hard inquiries on your credit report, which you should recognize from previous credit card, auto loan, mortgage and other debt applications. These stay on your file for a couple of years. You will also see soft inquiries, or promotional inquiries, from companies looking to offer you some form of credit or insurance. You may not recognize these, but don’t fret. Promotional inquiries are only visible to you and don’t affect your score.

If you see an error on your credit report — a debt you don’t recognize or an unfamiliar name or address — you can initiate a dispute with the credit-reporting bureau.

You might be surprised by what’s absent from your free credit report: your credit score. If you want to check your credit score, you’ll have to do that separately. Try heading to sites such as Credit Karma, Credit.com and Credit Sesame, which may hand out free scores (in exchange for registering with your personal information). Your credit card issuer may also include a credit score with your regular statement.

[See: What to Do If You’ve Fallen (Way) Behind on Your Credit Card Payments.]

Prepare for the next time. Now that you’ve downloaded your credit report, note on your calendar when you can request your next one — in four months (if you requested one report) or a year (if you requested all three at once). If you’ve noticed an issue with fraud or identity theft, it might be worth springing for a credit-monitoring service, Detweiler says. If not, then you should expect to continue pulling your free annual credit report from each of the bureaus in the future.

More from U.S. News

5 Ways to Give Your Credit Score a Quick Boost

10 Completely Careless Credit Card Mistakes You’re Making

7 Signs Your Romantic Partner Is Financially Unstable

How to Check Your Credit Report originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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